Vedantu, the live online learning company, has announced an employee stock ownership plan (ESOPS) liquidity programme worth US$ 3 million for all eligible employees.
While the founders will not participate in the buyback, the top leadership and eligible active employees who have completed the vesting period will get a chance to liquidate their vested shares.
Vamsi Krishna, CEO & co-founder, Vedantu, admits that the Company has witnessed enormous growth over the last few years and wants its “employees to grow with us as well, as they are equal contributors towards this growth”.
According to Krishna, “By growing the technology, engineering and product teams across all functions, ESOPs provide employees with high ownership, while providing more opportunities for financial growth”.
The move will “enable long-term wealth creation for our employees and recognise their contribution and commitment”.
This is the first ESOP programme to facilitate value creation for Vedans but there will be many in the future.
A couple of months ago, Vedantu managed to obtain US$100 million in a Series E round, led by Singapore-based impact investing fund ABC World Asia. Other participants included existing investors, Coatue, Tiger Global, GGV Capital, Westbridge and others. With this round of funding, Vedantu’s valuation stands at US$1 billion, and it underlines its status as the largest K-12 LIVE online tutoring company in India.
Vedantu offers tutorials for the 3 to 18 age range, and also helps students prepare for competitive exams such as IIT-JEE, NEET, Commerce, CBSE, ICSE, and state exams like the Maharashtra board. It also offers extracurricular classes such as English Speaking, Reading, and Coding via its new vertical called SuperKids.
A popular name in the field of K-12 LIVE tutoring, over 35 million users access Vedantu every month via its app and website, free of cost. Its YouTube channel boasts of 65 million views.